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Genesis

New Zealand|2-5 years|
White label MT5|Regional Brokers|High potential risk|

http://www.genesis-fx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
GenesisMD-Demo MT5
Server Location United States

Contact

cs@Genesis-fx.com
http://www.genesis-fx.com/

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

Other ways of contact

Broker Information

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Company Name

Genesis

Abbreviation

Genesis

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away!
Previous Detection : 2024-07-14
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Genesis · WikiFX Survey

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Genesis · Company Summary

Registered in New Zealand
Regulated by No effective regulation at this time
Year(s) of establishment 2-5 years
Trading instruments cryptocurrencies
Minimum Initial Deposit Information not available
Maximum Leverage Information not available
Minimum spread Information not available
Trading platform own platform
Deposit and withdrawal method cryptocurrencies
Customer Service Email, phone number, address
Fraud Complaints Exposure Yes

It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

Pros and cons of Genesis

Pros:

  • Offers a range of popular cryptocurrencies for trading

  • Provides a user-friendly trading platform

  • Offers a variety of account types to suit different trading needs

  • Has a responsive customer support team available through multiple channels

  • Provides educational resources such as blogs for traders to enhance their skills and knowledge

Cons:

  • Lack of transparency on maximum leverage and trading costs

  • Limited payment options for deposits and withdrawals

  • Does not offer the popular MetaTrader trading platform

  • The company is not regulated by any major financial regulatory authority, which may be a concern for some traders

  • Only available to clients in certain jurisdictions, which may limit its reach to potential clients.

What type of broker is Genesis?

Advantages Disadvantages
Genesis offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, Genesis has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

Genesis is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, Genesis acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that Genesis has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with Genesis or any other MM broker.

General information and regulation of Genesis

Genesis is an online investment company that offers trading services in various financial markets, including forex, stocks, and commodities. The company provides its clients with access to its proprietary trading platform and offers a range of educational resources and customer support services. Genesis accepts several cryptocurrencies and Perfect Money as deposit methods and allows clients to withdraw their funds via bank transfer or e-wallets.

In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

General information

Market instruments

Advantages Disadvantages
Wide range of cryptocurrencies available for trading Limited to only cryptocurrencies
User-friendly trading platform No fiat currency options
Fast and secure transactions High volatility of cryptocurrencies
Accessible to users globally Limited to crypto enthusiasts

Genesis offers a trading platform that is solely focused on cryptocurrencies. This means that users can only buy, sell, and trade various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others. While this may be limiting to some users who prefer to trade with fiat currencies, it does provide an opportunity for crypto enthusiasts to engage in a secure and user-friendly platform that is specifically designed for cryptocurrency trading. Genesis offers a range of cryptocurrency pairs that can be traded on the platform, with a user-friendly interface that makes it easy to place orders and track trades. The platform also supports fast and secure transactions, with quick deposit and withdrawal options. Overall, Genesis's focus on cryptocurrencies allows it to provide a comprehensive platform that caters specifically to the needs of crypto traders and enthusiasts.

Spreads, commissions and other costs

Advantages Disadvantages
Unknown The lack of transparency in trading costs makes it difficult for clients to accurately calculate their potential profits or losses.
--- Clients may end up paying higher fees or commissions than they would with other brokers.
--- It could be a red flag for potential clients who prioritize transparency and honesty in a brokerage firm.

Genesis does not provide clear information about the trading costs involved in using its platform, which is a disadvantage for clients who prioritize transparency and honesty in a brokerage firm. Clients may end up paying higher fees or commissions than they would with other brokers, and the lack of transparency in trading costs makes it difficult for them to accurately calculate their potential profits or losses. The unknown nature of the trading costs also creates an atmosphere of uncertainty, which could be a red flag for potential clients. Lack of transparency in trading costs is a significant drawback in the brokerage industry, and it is important for companies to provide clear and accurate information to their clients to build trust and confidence.

Trading accounts available in Genesis

Advantages Disadvantages
Simplicity and ease of use for traders who do not want to choose from a variety of account types. Limited options for traders who want to customize their account based on their specific trading needs or strategies.
Less confusion for traders as there is only one type of account to manage. Traders who want to open multiple accounts for different purposes cannot do so with this platform.
Fewer administrative requirements and less paperwork for clients. Clients who want to have access to more advanced features or services may need to look for other platforms with more account types.
Better transparency as all clients have the same features and trading conditions, reducing the chances of unfair advantages for some clients. Clients who need different account types for tax or other purposes will need to look for other platforms.

Genesis offers a single account type for all users, which simplifies the account creation process and makes it easy for users to get started with their services. However, the lack of account options may be a disadvantage for more advanced traders who prefer to have different account types with varying features and benefits. Without further information on the account type, it is difficult to determine if there are any specific requirements or limitations for users. Overall, the single account type may be suitable for novice users or those looking for a simple and straightforward trading experience, but may not meet the needs of more experienced traders.

Trading platform(s) that Genesis offers

Advantages Disadvantages
User-friendly platform Limited trading options compared to other exchanges
Supports multiple cryptocurrencies No integration with popular trading platforms
Easy to use interface No mobile app available
Secure storage solution for cryptocurrencies No API available
Cloud mining services available No information on platform security measures

Genesis offers its own trading platform which is user-friendly and easy to use, making it accessible even for novice traders. The platform supports multiple cryptocurrencies, allowing users to trade and manage their portfolio in a single platform. In addition, Genesis offers a secure storage solution for cryptocurrencies through its digital wallet, which uses industry-standard encryption and supports multi-signature transactions for added security. The platform also provides cloud mining services, making it easier for users to mine cryptocurrencies without having to purchase expensive hardware or deal with technical aspects of mining.

However, one of the drawbacks of Genesis's platform is the limited trading options compared to other exchanges. The platform does not offer integration with popular trading platforms and does not have a mobile app available for trading on-the-go. Additionally, Genesis does not provide an API for advanced traders who want to use automated trading strategies. There is also no information available on the platform's security measures, which may be a concern for some users.

Maximum leverage of Genesis

The maximum leverage offered by Genesis is not mentioned on their website, which can be seen as a disadvantage for potential traders who prefer to know the exact amount of leverage they can use before opening an account. While leverage can be a useful tool to increase potential returns, it can also magnify losses, especially for inexperienced traders who may not fully understand the risks involved. However, for those who are knowledgeable about leverage and its potential risks, it can offer more flexible trading options and the ability to trade larger positions than they would be able to otherwise. Additionally, leverage can be used as a hedging tool to offset potential losses in other positions. Nevertheless, the lack of transparency regarding the maximum leverage offered by Genesis may discourage some traders from using their platform.

maximum leverage

Deposit and Withdrawal: methods and fees

Advantages Disadvantages
Accepts multiple cryptocurrencies for deposits. Does not accept fiat currency deposits.
Deposits can be made from the account balance. Lack of information about deposit/withdrawal fees.
Withdrawals are processed within 24 business hours. No information provided on withdrawal limits.
Secure payment methods with industry-standard encryption.

Genesis provides a convenient and secure deposit and withdrawal process. The website accepts deposits in multiple cryptocurrencies such as Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Deposits can be made from the account balance, which makes it easy for users to manage their funds. The withdrawal process is straightforward, and funds are usually available within 24 business hours. Genesis uses industry-standard encryption to ensure the security of its payment methods. However, there is a lack of information about deposit/withdrawal fees, and the website does not accept fiat currency deposits. Additionally, no information is provided on withdrawal limits, which could be a concern for users who need to withdraw large amounts of funds.

deposit and withdrawal

Educational resources in Genesis

Advantages Disadvantages
The website features a blog with articles and analysis on the latest cryptocurrency trends. The educational resources might not be comprehensive enough for advanced traders or investors.
The blog articles are written in an easy-to-understand language, making it accessible even to novice traders. The blog articles may not be updated frequently.
Genesis provides a knowledge base with answers to common questions about cryptocurrencies. The knowledge base may not cover all topics or questions that users may have.
The educational resources can help users learn more about cryptocurrencies and blockchain technology. The educational resources may not be enough for users who need more in-depth knowledge on specific topics.

Genesis' educational resources dimension is quite extensive, as the website offers both a blog with articles and analysis on the latest cryptocurrency trends and a knowledge base with answers to common questions about cryptocurrencies. The blog articles are written in an easy-to-understand language, making it accessible even to novice traders. The blog is a good source of information for those who want to keep up with the latest developments in the cryptocurrency industry. The knowledge base is a good place for beginners to start as it covers the basics of cryptocurrencies and blockchain technology. However, the educational resources might not be comprehensive enough for advanced traders or investors, and the blog articles may not be updated frequently. Additionally, the knowledge base may not cover all topics or questions that users may have, and the educational resources may not be enough for users who need more in-depth knowledge on specific topics.

educational resources

Customer service of Genesis

Advantages Disadvantages
Available contact channels: Dolfin RD, Telephone, Email No live chat support
Contact information is visible on the website No FAQ section available
24/7 customer support service No information on the average response time

Genesis FX provides several contact channels to their customers, including an address in the USA, a telephone number, and an email address. The availability of different communication channels is an advantage as it allows customers to choose the most convenient and comfortable method of communication for them. Additionally, the presence of visible contact information on the website is also an advantage as it helps establish a sense of trust and transparency between the company and its customers. Another advantage is the 24/7 customer support service, which ensures that customers can receive assistance whenever they need it. However, there are also some potential disadvantages to note, such as the lack of live chat support, which could be a more efficient way to address customer queries in real-time. Additionally, there is no FAQ section available on the website, which could be a helpful resource for customers who prefer self-help options. Finally, there is no information available on the average response time for customer queries, which could lead to uncertainty and frustration for some customers.

customer support

Conclusion

In conclusion, Genesis FX is a relatively new entrant in the world of online trading and brokerage services. Despite its short existence, the company offers a range of assets, including cryptocurrencies, for traders to invest in. Genesis has its own proprietary platform, making trading easy for its clients. The company accepts multiple deposit and withdrawal methods, including cryptocurrencies, making it convenient for traders who prefer to use digital currencies. Although the website lacks in-depth information on trading costs and account types, the company compensates for that by offering excellent customer support through various channels, including telephone, email, and social media. Overall, Genesis FX appears to be a reliable and trustworthy brokerage firm for traders looking to diversify their investment portfolio with cryptocurrencies and other assets. However, traders should do their own research and exercise caution before investing in any asset.

Frequently asked questions about Genesis

  • What is Genesis FX?

  • Genesis FX is an online trading platform that offers users access to a range of cryptocurrencies.

  • How do I open an account with Genesis FX?

  • To open an account with Genesis FX, simply visit their website and click on the “Register” button. You will then be asked to fill out a registration form and submit it for review.

  • What types of accounts are available at Genesis FX?

  • Genesis FX offers a single trading account for its users.

  • What financial instruments can I trade on Genesis FX?

  • You can trade cryptocurrencies.

  • What payment methods are accepted by Genesis FX?

  • Genesis FX accepts deposits in Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Users can also open a free Perfect Money account to make deposits and withdrawals.

customer support

News

Genesis' Crypto Lending Unit Files for Bankruptcy in the United States

NewsGenesis' Crypto Lending Unit Files for Bankruptcy in the United States

2023-01-20 14:45

The lending division of crypto company Genesis, together with exchange FTX and lender BlockFi, filed for U.S. bankruptcy protection from creditors on Thursday.

WikiFX
2023-01-20 14:45
News
Genesis' Crypto Lending Unit Files for Bankruptcy in the United States

User Reviews

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FX1494149797
more than one year
Based on my personal experience, I found the user interface to be easy to navigate, the transactions relatively smooth, and the communication regarding market trends fairly helpful. However, other users have reported serious issues such as mandatory deposits for withdrawal initiation and issues with slippages in their trades. There are also concerns about possible price manipulation and questionable regulatory standing. Now I feel very confused...
2024-02-23 15:14
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0
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Z33840
more than one year
Genesis is a total and brutal forex scam company. I have a friend who listened to the sales pitch of their staff and invested here. As a result, his account has been frozen and the website cannot be opened. He regrets it very much now, but the chances of getting his money back are slim to none.
2023-03-15 15:54
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